THE100
MOST
OVERPAID
CEOs
Are Fund Managers
Asleep at the Wheel?
TOP 25 MOST OVERPAID CEOS
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| Rank | Company | CEO | CEO Pay | Amount of Overpay | Institutional Shares Voted Against Pay | Reported Shares Voted Against Pay | CEO:Worker Pay Ratio | Median Worker Pay |
|---|---|---|---|---|---|---|---|---|
| 1 | Live Nation Entertainment, Inc. | Michael Rapino | $139,005,565 | $123,765,001 | 81% | 54% | 5414:1 | $25,673 |
| 2 | Oracle Corporation | Safra A. Catz | $138,192,032 | $122,500,250 | 66% | 33% | 1842:1 | $75,043 |
| 3 | Alphabet Inc. | Sundar Pichai | $225,985,145 | $210,613,728 | 67% | 24% | 808:1 | $279,802 |
| 4 | American International Group, Inc. | Peter Zaffino | $75,314,199 | $60,519,535 | 60% | 67% | 894:1 | $84,240 |
| 5 | Western Digital Corporation | David V. Goeckeler | $32,137,338 | $18,068,125 | 78% | 87% | 3332:1 | $9,644 |
| 6 | American Express Company | Stephen J. Squeri | $48,029,631 | $32,793,343 | 59% | 45% | 972:1 | $49,409 |
| 7 | Netflix, Inc. | Reed Hastings & Ted Sarandos | $101,372,533 | $86,644,903 | 71% | 71% | 464:1 | $218,400 |
| 8 | Ingersoll Rand Inc. | Vicente Reynal | $54,505,957 | $39,080,237 | 42% | 41% | 837:1 | $65,098 |
| 9 | Simon Property Group, Inc. | David Simon | $35,667,783 | $21,166,438 | 88% | 89% | 538:1 | $66,313 |
| 10 | Charter Communications, Inc | Thomas M. Rutledge | $39,213,350 | $24,382,217 | 47% | 29% | 707:1 | $55,429 |
| 11 | Prologis, Inc. | Hamid Moghadam | $48,152,756 | $32,811,350 | 68% | 72% | 403:1 | $119,453 |
| 12 | Copart, Inc. | A. Jayson Adair & Jeffrey Liaw | $31,298,740 | $15,453,717 | 42% | 38% | 751:1 | $41,662 |
| 13 | Broadcom Inc. | Hock E. Tan | $60,606,971 | $44,545,639 | 48% | 67% | 338:1 | $179,156 |
| 14 | NVR, Inc. | Paul C. Saville | $42,887,000 | $27,506,477 | 23% | 25% | 600:1 | $71,500 |
| 15 | Equifax Inc. | Mark W. Begor | $37,255,853 | $21,977,967 | 54% | 57% | 347:1 | $107,256 |
| 16 | Paramount Global | Robert M. Bakish | $32,046,006 | $18,290,773 | 97% | 4% | 291:1 | $110,221 |
| 17 | Caesars Entertainment, Inc. | Thomas R. Reeg | $31,349,920 | $16,480,026 | 20% | 22% | 865:1 | $36,252 |
| 18 | NIKE, Inc. | John J. Donahoe II | $28,838,060 | $13,860,498 | 39% | 35% | 771:1 | $37,410 |
| 19 | Walmart Inc. | C. Douglas McMillon | $25,306,714 | $10,018,299 | 46% | 20% | 933:1 | $27,136 |
| 20 | Micron Technology, Inc. | Sanjay Mehrotra | $28,840,809 | $14,037,166 | 30% | 29% | 597:1 | $48,310 |
| 21 | Apple Inc. | Timothy D. Cook | $99,420,097 | $83,231,979 | 10% | 11% | 1177:1 | $84,493 |
| 22 | Marsh & McLennan Companies, Inc. | Daniel S. Glaser | $30,924,436 | $15,410,444 | 27% | 34% | 454:1 | $68,138 |
| 23 | Estee Lauder Companies Inc. | Fabrizio Freda | $25,480,056 | $10,506,855 | 24% | 5% | 872:1 | $29,236 |
| 24 | Bath & Body Works Inc | Sarah E. Nash | $22,795,013 | $7,851,648 | 30% | 32% | 2137:1 | $10,669 |
| 25 | Warner Bros. Discovery, Inc. | David M. Zaslav | $39,288,458 | $25,348,760 | 64% | 49% | 227:1 | $172,735 |
THE 100 MOST OVERPAID CEOs
Compensation data furnished by ESGAUGE.
| Rank | Company | CEO | CEO Pay | Amount of Overpay | Institutional Shares Voted Against Pay | Reported Shares Voted Against Pay | CEO:Worker Pay Ratio | Median Worker Pay |
|---|---|---|---|---|---|---|---|---|
| 1 | Live Nation Entertainment, Inc. | Michael Rapino | $139,005,565 | $123,765,001 | 81% | 54% | 5414:1 | $25,673 |
| 2 | Oracle Corporation | Safra A. Catz | $138,192,032 | $122,500,250 | 66% | 33% | 1842:1 | $75,043 |
| 3 | Alphabet Inc. | Sundar Pichai | $225,985,145 | $210,613,728 | 67% | 24% | 808:1 | $279,802 |
| 4 | American International Group, Inc. | Peter Zaffino | $75,314,199 | $60,519,535 | 60% | 67% | 894:1 | $84,240 |
| 5 | Western Digital Corporation | David V. Goeckeler | $32,137,338 | $18,068,125 | 78% | 87% | 3332:1 | $9,644 |
| 6 | American Express Company | Stephen J. Squeri | $48,029,631 | $32,793,343 | 59% | 45% | 972:1 | $49,409 |
| 7 | Netflix, Inc. | Reed Hastings & Ted Sarandos | $101,372,533 | $86,644,903 | 71% | 71% | 464:1 | $218,400 |
| 8 | Ingersoll Rand Inc. | Vicente Reynal | $54,505,957 | $39,080,237 | 42% | 41% | 837:1 | $65,098 |
| 9 | Simon Property Group, Inc. | David Simon | $35,667,783 | $21,166,438 | 88% | 89% | 538:1 | $66,313 |
| 10 | Charter Communications, Inc | Thomas M. Rutledge | $39,213,350 | $24,382,217 | 47% | 29% | 707:1 | $55,429 |
| 11 | Prologis, Inc. | Hamid Moghadam | $48,152,756 | $32,811,350 | 68% | 72% | 403:1 | $119,453 |
| 12 | Copart, Inc. | A. Jayson Adair & Jeffrey Liaw | $31,298,740 | $15,453,717 | 42% | 38% | 751:1 | $41,662 |
| 13 | Broadcom Inc. | Hock E. Tan | $60,606,971 | $44,545,639 | 48% | 67% | 338:1 | $179,156 |
| 14 | NVR, Inc. | Paul C. Saville | $42,887,000 | $27,506,477 | 23% | 25% | 600:1 | $71,500 |
| 15 | Equifax Inc. | Mark W. Begor | $37,255,853 | $21,977,967 | 54% | 57% | 347:1 | $107,256 |
| 16 | Paramount Global | Robert M. Bakish | $32,046,006 | $18,290,773 | 97% | 4% | 291:1 | $110,221 |
| 17 | Caesars Entertainment, Inc. | Thomas R. Reeg | $31,349,920 | $16,480,026 | 20% | 22% | 865:1 | $36,252 |
| 18 | NIKE, Inc. | John J. Donahoe II | $28,838,060 | $13,860,498 | 39% | 35% | 771:1 | $37,410 |
| 19 | Walmart Inc. | C. Douglas McMillon | $25,306,714 | $10,018,299 | 46% | 20% | 933:1 | $27,136 |
| 20 | Micron Technology, Inc. | Sanjay Mehrotra | $28,840,809 | $14,037,166 | 30% | 29% | 597:1 | $48,310 |
| 21 | Apple Inc. | Timothy D. Cook | $99,420,097 | $83,231,979 | 10% | 11% | 1177:1 | $84,493 |
| 22 | Marsh & McLennan Companies, Inc. | Daniel S. Glaser | $30,924,436 | $15,410,444 | 27% | 34% | 454:1 | $68,138 |
| 23 | Estee Lauder Companies Inc. | Fabrizio Freda | $25,480,056 | $10,506,855 | 24% | 5% | 872:1 | $29,236 |
| 24 | Bath & Body Works Inc | Sarah E. Nash | $22,795,013 | $7,851,648 | 30% | 32% | 2137:1 | $10,669 |
| 25 | Warner Bros. Discovery, Inc. | David M. Zaslav | $39,288,458 | $25,348,760 | 64% | 49% | 227:1 | $172,735 |
| 26 | Norwegian Cruise Line Holdings Ltd. | Frank J. Del Rio | $21,209,333 | $7,261,395 | 42% | 37% | 866:1 | $24,484 |
| 27 | Lennar Corporation | Richard Beckwitt & Jonathan M. Jaffe | $60,480,031 | $44,942,913 | 9% | 14% | 578:1 | $104,556 |
| 28 | Fidelity National Information Services, Inc. | Gary A. Norcross | $45,321,374 | $31,170,441 | 8% | 8% | 724:1 | $62,591 |
| 29 | NextEra Energy, Inc. | James L. Robo | $40,406,018 | $25,122,359 | 13% | 21% | 286:1 | $141,446 |
| 30 | IQVIA Holdings Inc. | Ari Bousbib | $30,135,029 | $14,698,024 | 15% | 20% | 293:1 | $102,805 |
| 31 | Bank of America Corporation | Brian T. Moynihan | $30,177,503 | $15,428,227 | 23% | 31% | 258:1 | $117,040 |
| 32 | TransDigm Group Incorporated | Kevin Stein | $21,484,504 | $5,793,195 | 56% | 48% | 365:1 | $58,837 |
| 33 | Illumina, Inc. | Francis A. deSouza | $26,752,197 | $12,492,511 | 87% | 83% | 205:1 | $130,653 |
| 34 | ServiceNow, Inc. | William R. McDermott | $38,502,528 | $22,645,470 | 53% | 58% | 174:1 | $221,433 |
| 35 | Halliburton Company | Jeffrey A. Miller | $23,402,317 | $9,006,161 | 26% | 21% | 290:1 | $80,638 |
| 36 | Salesforce, Inc. | Marc Benioff & Bret Taylor | $53,585,596 | $38,543,495 | 10% | 18% | 269:1 | $199,130 |
| 37 | Booking Holdings Inc. | Glenn D. Fogel | $30,774,922 | $15,883,717 | 9% | 12% | 404:1 | $76,175 |
| 38 | Analog Devices, Inc. | Vincent Roche | $22,098,295 | $6,702,777 | 13% | 19% | 544:1 | $40,596 |
| 39 | Thermo Fisher Scientific Inc. | Marc N. Casper | $28,208,909 | $12,637,231 | 10% | 21% | 363:1 | $77,806 |
| 40 | Monolithic Power Systems, Inc. | Michael Hsing | $20,664,936 | $4,522,100 | 38% | 43% | 468:1 | $44,194 |
| 41 | D.R. Horton, Inc. | David V. Auld | $29,996,862 | $14,212,438 | 13% | 15% | 259:1 | $116,088 |
| 42 | Hilton Worldwide Holdings Inc | Christopher J. Nassetta | $23,532,938 | $8,300,522 | 9% | 10% | 539:1 | $43,702 |
| 43 | Align Technology, Inc. | Joseph M. Hogan | $18,684,044 | $4,036,789 | 16% | 16% | 1026:1 | $18,215 |
| 44 | Match Group, Inc. | Bernard Kim | $23,921,211 | $8,254,994 | 61% | 64% | 189:1 | $129,000 |
| 45 | Biogen, Inc | Christopher A. Viehbacher | $30,488,593 | $15,889,645 | 19% | 30% | 182:1 | $186,983 |
| 46 | CVS Health Corporation | Karen S. Lynch | $21,317,055 | $6,499,111 | 12% | 20% | 380:1 | $56,129 |
| 47 | PayPal Holdings, Inc. | Daniel H. Schulman | $21,957,922 | $7,543,241 | 15% | 22% | 284:1 | $77,244 |
| 48 | DuPont de Nemours, Inc. | Edward D. Breen | $25,584,297 | $11,110,089 | 9% | 20% | 294:1 | $86,886 |
| 49 | JPMorgan Chase & Co. | James Dimon | $34,848,606 | $19,793,896 | 6% | 10% | 393:1 | $88,730 |
| 50 | Monster Beverage Corporation | Rodney C. Sacks & Hilton H. Schlosberg | $30,811,484 | $15,500,199 | 6% | 5% | 419:1 | $73,523 |
| 51 | Cadence Design Systems, Inc. | Anirudh Devgan | $32,216,034 | $15,728,495 | 7% | 11% | 292:1 | $110,482 |
| 52 | Exxon Mobil Corporation | Darren W. Woods | $35,909,231 | $20,894,991 | 9% | 9% | 210:1 | $171,582 |
| 53 | V.F. Corporation | Steven E. Rendle | $15,423,154 | $1,643,400 | 40% | 38% | 576:1 | $26,784 |
| 54 | Advanced Micro Devices, Inc. | Lisa T. Su | $30,219,921 | $13,274,694 | 10% | 14% | 224:1 | $134,843 |
| 55 | Texas Instruments Incorporated | Richard K. Templeton | $21,629,586 | $6,425,743 | 11% | 15% | 323:1 | $67,144 |
| 56 | Walgreens Boots Alliance Inc | Rosalind G. Brewer | $17,287,489 | $3,082,726 | 13% | 12% | 705:1 | $24,530 |
| 57 | T-Mobile US, Inc. | Michael Sievert | $29,060,047 | $13,585,978 | 6% | 3% | 408:1 | $71,333 |
| 58 | CME Group Inc. | Terrence A. Duffy | $22,943,077 | $8,056,266 | 64% | 68% | 139:1 | $164,792 |
| 59 | Coca-Cola Company | James Quincey | $22,822,519 | $7,770,457 | 6% | 10% | 1883:1 | $12,122 |
| 60 | Ralph Lauren Corporation | Patrice Louvet | $18,553,058 | $3,873,929 | 11% | 3% | 696:1 | $26,670 |
| 61 | Digital Realty Trust, Inc. | A. William Stein | $23,695,471 | $8,886,497 | 11% | 11% | 230:1 | $103,040 |
| 62 | PepsiCo, Inc. | Ramon L. Laguarta | $28,388,228 | $13,138,113 | 6% | 11% | 543:1 | $52,315 |
| 63 | Aptiv PLC | Kevin P. Clark | $16,206,621 | $1,474,234 | 15% | 22% | 1991:1 | $8,139 |
| 64 | Cisco Systems, Inc. | Charles H. Robbins | $29,283,936 | $14,364,855 | 7% | 10% | 249:1 | $117,400 |
| 65 | Omnicom Group Inc | John D. Wren | $20,679,168 | $5,722,289 | 8% | 7% | 414:1 | $50,002 |
| 66 | Microsoft Corporation | Satya Nadella | $54,946,310 | $38,982,039 | 5% | 11% | 289:1 | $190,302 |
| 67 | Global Payments Inc. | Jeffrey S. Sloan | $22,270,578 | $7,736,896 | 7% | 10% | 385:1 | $57,883 |
| 68 | Equinix, Inc. | Charles Meyers | $22,282,928 | $6,999,497 | 19% | 26% | 183:1 | $121,753 |
| 69 | Skyworks Solutions, Inc. | Liam K. Griffin | $16,667,162 | $1,839,293 | 14% | 21% | 552:1 | $30,180 |
| 70 | PNC Financial Services Group, Inc. | William S. Demchak | $19,473,490 | $4,757,409 | 11% | 20% | 276:1 | $70,695 |
| 71 | International Flavors & Fragrances Inc. | Franklin K. Clyburn Jr. | $19,271,654 | $4,896,662 | 9% | 11% | 341:1 | $56,582 |
| 72 | Keurig Dr Pepper Inc. | Ozan Dokmecioglu | $16,663,492 | $1,487,218 | 32% | 18% | 295:1 | $56,503 |
| 73 | Cognizant Technology Solutions Corporation | Brian Humphries | $17,943,894 | $3,438,942 | 9% | 8% | 571:1 | $31,450 |
| 74 | Meta Platforms, Inc. | Mark Zuckerberg | $27,110,418 | $12,116,455 | 40% | 14% | 91:1 | $296,320 |
| 75 | Accenture plc | Julie Sweet | $33,701,108 | $18,398,069 | 4% | 10% | 1506:1 | $22,381 |
| 76 | Dollar Tree, Inc. | Michael Witynski | $13,975,672 | -$1,154,779 | 38% | 42% | 951:1 | $14,702 |
| 77 | The Boeing Company | David L. Calhoun | $22,480,396 | $8,222,146 | 13% | 24% | 154:1 | $145,756 |
| 78 | ANSYS, Inc. | Ajei S. Gopal | $21,872,498 | $6,620,559 | 11% | 15% | 187:1 | $116,670 |
| 79 | Adobe Inc. | Shantanu Narayen | $31,600,311 | $16,288,635 | 7% | 12% | 185:1 | $170,679 |
| 80 | Molina Healthcare, Inc. | Joseph M. Zubretsky | $22,131,256 | $6,341,820 | 7% | 15% | 293:1 | $75,433 |
| 81 | Cigna Corporation | David M. Cordani | $20,965,504 | $5,818,210 | 7% | 12% | 277:1 | $75,627 |
| 82 | Ford Motor Company | James D. Farley Jr. | $20,996,146 | $5,919,863 | 7% | 5% | 281:1 | $74,691 |
| 83 | Ameriprise Financial, Inc. | James M. Cracchiolo | $22,847,623 | $7,281,909 | 9% | 18% | 183:1 | $125,033 |
| 84 | Globe Life Inc. | Gary L. Coleman & Larry M. Hutchison | $17,776,636 | $2,841,335 | 10% | 16% | 283:1 | $62,883 |
| 85 | Fortive Corp. | James A. Lico | $16,611,190 | $1,837,016 | 19% | 28% | 246:1 | $67,554 |
| 86 | CBRE Group, Inc. | Robert E. Sulentic | $25,912,100 | $10,780,192 | 5% | 7% | 361:1 | $71,748 |
| 87 | Travelers Companies, Inc. | Alan D. Schnitzer | $21,072,397 | $6,022,774 | 9% | 14% | 194:1 | $108,583 |
| 88 | Abbott Laboratories | Robert B. Ford | $21,722,152 | $6,457,878 | 7% | 9% | 214:1 | $101,360 |
| 89 | BlackRock, Inc. | Laurence D. Fink | $32,726,109 | $17,686,333 | 5% | 8% | 212:1 | $154,312 |
| 90 | Philip Morris International Inc. | Jacek Olczak | $15,775,108 | $760,216 | 9% | 26% | 813:1 | $19,411 |
| 91 | Visa Inc. | Alfred F. Kelly Jr. | $28,103,602 | $12,882,029 | 6% | 10% | 184:1 | $152,395 |
| 92 | Starbucks Corporation | Kevin Johnson | $16,718,154 | $1,302,708 | 7% | 15% | 1364:1 | $12,254 |
| 93 | AbbVie, Inc. | Richard A. Gonzalez | $26,287,185 | $11,136,825 | 5% | 9% | 224:1 | $117,189 |
| 94 | Comcast Corporation | Brian L. Roberts | $32,069,850 | $17,122,558 | 4% | 8% | 385:1 | $83,399 |
| 95 | Viatris Inc | Michael Goettler | $14,669,592 | $1,036,936 | 9% | 9% | 398:1 | $36,865 |
| 96 | Carnival Corporation and PLC | Arnold W. Donald | $11,144,435 | -$2,672,044 | 28% | 14% | 769:1 | $14,496 |
| 97 | Seagate Technology Holdings plc | William D. Mosley | $13,210,318 | -$1,680,561 | 12% | 12% | 1227:1 | $10,763 |
| 98 | Trimble Inc. | Robert G. Painter | $16,134,366 | $1,051,436 | 20% | 16% | 209:1 | $77,178 |
| 99 | Fox Corporation | Lachlan K. Murdoch | $21,748,681 | $6,529,177 | 6% | 5% | 237:1 | $91,803 |
| 100 | Archer-Daniels-Midland Company | Juan R. Luciano | $24,749,178 | $9,544,980 | 4% | 6% | 362:1 | $68,383 |
S&P 500 COMPANIES WITH MOST SHAREHOLDER VOTES AGAINST CEO PAY
Voting data provided by Insightia, a Diligent company
This table shows two ways of looking at CEO pay votes: the standard one, as disclosed by the company, and one that was created for us by Insightia, a Diligent Brand. It uses only the votes of institutional investors (those required to file SEC Form 13-F). In these calculations, those votes are used in both the numerator (shares voted against) and denominator (total shares voted) to calculate percentage opposition. We believe this gives a more accurate indication of where institutional investors are most dissatisfied, most starkly in cases where insiders own a particularly large portion of stock or there are dual class shares.
| Rank | Company | CEO | Votes Against (Institutional) | Votes Against (Standard) | CEO Pay |
|---|---|---|---|---|---|
| 1 | Paramount Global | Robert M. Bakish | 97% | 4% | $32,046,006 |
| 2 | Simon Property Group, Inc. | David Simon | 88% | 89% | $35,667,783 |
| 3 | Illumina, Inc. | Francis A. deSouza | 87% | 83% | $26,752,197 |
| 4 | Live Nation Entertainment, Inc. | Michael Rapino | 81% | 54% | 139,005,565 |
| 5 | Western Digital Corporation | David V. Goeckeler | 78% | 87% | 32,137,338 |
| 6 | Las Vegas Sands Corp. | Robert G. Goldstein | 75% | 32% | $11,410,263 |
| 7 | Netflix, Inc. | Reed Hastings & Ted Sarandos | 71% | 71% | $101,372,533 |
| 8 | Prologis, Inc. | Hamid Moghadam | 68% | 72% | $48,152,756 |
| 9 | Expedia Group, Inc. | Peter M. Kern | 67% | 43% | $1,094,473 |
| 10 | Alphabet Inc. | Sundar Pichai | 67% | 24% | $225,985,145 |
| 11 | Oracle Corporation | Safra A. Catz | 66% | 33% | $138,192,032 |
| 12 | Warner Bros. Discovery, Inc. | David M. Zaslav | 64% | 49% | $39,288,458 |
| 13 | CME Group Inc. | Terrence A. Duffy | 64% | 68% | $22,943,077 |
| 14 | Match Group, Inc. | Bernard Kim | 61% | 64% | $23,921,211 |
| 15 | American International Group, Inc. | Peter Zaffino | 60% | 67% | $75,314,199 |
| 16 | American Express Company | Stephen J. Squeri | 59% | 45% | $48,029,631 |
| 17 | TransDigm Group Incorporated | Kevin Stein | 56% | 48% | $21,484,504 |
| 18 | Equifax Inc. | Mark W. Begor | 54% | 57% | $37,255,853 |
| 19 | ServiceNow, Inc. | William R. McDermott | 53% | 58% | $38,502,528 |
| 20 | Take-Two Interactive Software, Inc. | Strauss Zelnick | 53% | 58% | $142,996 |
| 21 | Broadcom Inc. | Hock E. Tan | 48% | 67% | $60,606,971 |
| 22 | Charter Communications, Inc | Thomas M. Rutledge | 47% | 29% | $39,213,350 |
| 23 | Walmart Inc. | C. Douglas McMillon | 46% | 20% | $25,306,714 |
| 24 | Ingersoll Rand Inc. | Vicente Reynal | 42% | 41% | $54,505,957 |
| 25 | Copart, Inc. | A. Jayson Adair & Jeffrey Liaw | 42% | 38% | $31,298,740 |
| 26 | Norwegian Cruise Line Holdings Ltd. | Frank J. Del Rio | 42% | 37% | $21,209,333 |
| 27 | Welltower, Inc. | Shankh Mitra | 41% | 48% | $14,266,935 |
| 28 | Meta Platforms, Inc. | Mark Zuckerberg | 40% | 14% | $27,110,418 |
| 29 | V.F. Corporation | Steven E. Rendle | 40% | 38% | $15,423,154 |
| 30 | NIKE, Inc. | John J. Donahoe II | 39% | 35% | $28,838,060 |
| 31 | FleetCor Technologies, Inc. | Ronald F. Clarke | 39% | 40% | $3,986,998 |
| 32 | Monolithic Power Systems, Inc. | Michael Hsing | 38% | 43% | $20,664,936 |
| 33 | Dollar Tree, Inc. | Michael Witynski | 38% | 42% | $13,975,672 |
| 34 | Paycom Software, Inc. | Chad Richison | 34% | 36% | $3,138,418 |
| 35 | Keurig Dr Pepper Inc. | Ozan Dokmecioglu | 32% | 18% | $16,663,492 |
| 36 | Bio-Techne Corporation | Charles R. Kummeth | 31% | 38% | $15,370,548 |
| 37 | Sysco Corporation | Kevin P. Hourican | 31% | 36% | $13,656,506 |
| 38 | Bath & Body Works Inc | Sarah E. Nash | 30% | 32% | $22,795,013 |
| 39 | Micron Technology, Inc. | Sanjay Mehrotra | 30% | 29% | $28,840,809 |
| 40 | Invitation Homes Inc. | Dallas B. Tanner | 29% | 32% | $14,166,554 |
| 41 | Carnival Corporation and PLC | Arnold W. Donald | 28% | 14% | $11,144,435 |
| 42 | Marsh & McLennan Companies, Inc. | Daniel S. Glaser | 27% | 34% | $30,924,436 |
| 43 | Amazon.com, Inc. | Andrew R. Jassy | 27% | 32% | $1,298,723 |
| 44 | Halliburton Company | Jeffrey A. Miller | 26% | 21% | $23,402,317 |
| 45 | Estee Lauder Companies Inc. | Fabrizio Freda | 24% | 5% | $25,480,056 |
| 46 | NVR, Inc. | Paul C. Saville | 23% | 25% | $42,887,000 |
| 47 | Bank of America Corporation | Brian T. Moynihan | 23% | 31% | $30,177,503 |
| 48 | Berkshire Hathaway Inc. | Warren E. Buffett | 23% | 9% | $401,589 |
| 49 | CarMax, Inc. | William D. Nash | 22% | 29% | $11,588,743 |
| 50 | Ecolab Inc. | Christophe Beck | 21% | 32% | $8,720,420 |
| 51 | Caesars Entertainment, Inc. | Thomas R. Reeg | 20% | 22% | $31,349,920 |
| 52 | Rollins, Inc. | Gary W. Rollins | 20% | 9% | $7,760,204 |
| 53 | Trimble Inc. | Robert G. Painter | 20% | 16% | $16,134,366 |
| 54 | Bio-Rad Laboratories, Inc. | Norman Schwartz | 20% | 4% | $7,527,985 |
| 55 | Biogen, Inc | Christopher A. Viehbacher | 19% | 30% | $30,488,593 |
| 56 | Constellation Brands, Inc. | William A. Newlands | 19% | 5% | $12,040,281 |
| 57 | Equinix, Inc. | Charles Meyers | 19% | 26% | $22,282,928 |
| 58 | PG&E Corporation | Patricia K. Poppe | 19% | 17% | $14,120,593 |
| 59 | Fortive Corp. | James A. Lico | 19% | 28% | $16,611,190 |
| 60 | Martin Marietta Materials, Inc. | C.Howard Nye | 18% | 26% | $12,784,251 |
| 61 | Hologic, Inc. | Stephen P. MacMillan | 18% | 23% | $14,335,632 |
| 62 | Etsy, Inc. | Josh Silverman | 17% | 16% | $16,461,507 |
| 63 | Align Technology, Inc. | Joseph M. Hogan | 16% | 16% | $18,684,044 |
| 64 | IQVIA Holdings Inc. | Ari Bousbib | 15% | 20% | $30,135,029 |
| 65 | Regeneron Pharmaceuticals, Inc. | Leonard S. Schleifer | 15% | 13% | $7,004,069 |
| 66 | Lincoln National Corporation | Ellen G. Cooper | 15% | 21% | $9,098,309 |
| 67 | Zions Bancorporation, National Association | Harris H. Simmons | 15% | 19% | $5,168,047 |
| 68 | Aptiv PLC | Kevin P. Clark | 15% | 22% | $16,206,621 |
| 69 | PayPal Holdings, Inc. | Daniel H. Schulman | 15% | 22% | $21,957,922 |
| 70 | Skyworks Solutions, Inc. | Liam K. Griffin | 14% | 21% | $16,667,162 |
| 71 | Lamb Weston Holdings, Inc | Thomas P. Werner | 14% | 15% | $7,858,113 |
| 72 | Walgreens Boots Alliance Inc | Rosalind G. Brewer | 13% | 12% | $17,287,489 |
| 73 | Franklin Resources, Inc. | Jennifer M. Johnson | 13% | 6% | $15,734,999 |
| 74 | Analog Devices, Inc. | Vincent Roche | 13% | 19% | $22,098,295 |
| 75 | D.R. Horton, Inc. | David V. Auld | 13% | 15% | $29,996,862 |
| 76 | Enphase Energy, Inc. | Badrinarayanan Kothandaraman | 13% | 12% | $16,627,977 |
| 77 | NextEra Energy, Inc. | James L. Robo | 13% | 21% | $40,406,018 |
| 78 | The Boeing Company | David L. Calhoun | 13% | 24% | $22,480,396 |
| 79 | Baxter International Inc. | José E. Almeida | 13% | 22% | $13,588,236 |
| 80 | Fortinet, Inc. | Ken Xie | 13% | 10% | $14,200,453 |
| 81 | Axon Enterprise Inc | Patrick W. Smith | 12% | 15% | $33,203 |
| 82 | CVS Health Corporation | Karen S. Lynch | 12% | 20% | $21,317,055 |
| 83 | Seagate Technology Holdings plc | William D. Mosley | 12% | 12% | $13,210,318 |
| 84 | PNC Financial Services Group, Inc. | William S. Demchak | 11% | 20% | $19,473,490 |
| 85 | Tesla | Elon Musk | 11% | 9% | - |
| 86 | CenterPoint Energy, Inc. | David J. Lesar | 11% | 17% | $13,867,875 |
| 87 | Norfolk Southern Corporation | Alan H. Shaw | 11% | 15% | $9,770,910 |
| 88 | Texas Instruments Incorporated | Richard K. Templeton | 11% | 15% | $21,629,586 |
| 89 | ANSYS, Inc. | Ajei S. Gopal | 11% | 15% | $21,872,498 |
| 90 | United Airlines Holdings, Inc. | J. Scott Kirby | 11% | 13% | $9,796,602 |
| 91 | Digital Realty Trust, Inc. | A. William Stein | 11% | 11% | $23,695,471 |
| 92 | DaVita Inc. | Javier J. Rodriguez | 11% | 5% | $2,984,581 |
| 93 | Akamai Technologies, Inc. | F. Thomson Leighton | 11% | 12% | $11,982,771 |
| 94 | Ralph Lauren Corporation | Patrice Louvet | 11% | 3% | $18,553,058 |
| 95 | Salesforce, Inc. | Marc Benioff & Bret Taylor | 10% | 18% | $53,585,596 |
| 96 | Thermo Fisher Scientific Inc. | Marc N. Casper | 10% | 21% | $28,208,909 |
| 97 | Advanced Micro Devices, Inc. | Lisa T. Su | 10% | 14% | $30,219,921 |
| 98 | Globe Life Inc. | Gary L. Coleman & Larry M. Hutchison | 10% | 16% | $17,776,636 |
| 99 | Sempra Energy | Jeffrey W. Martin | 10% | 18% | $18,608,094 |
| 100 | Incyte Corporation | Hervé Hoppenot | 10% | 12% | $16,669,368 |
HIP INVESTOR REGRESSION ANALYSIS
This table lists Overpaid CEOs as calculated by the HIP Investor regression analysis, comparing CEO pay to company financial performance returns to shareholders.
We, like many other analysts, find very weak links between pay amounts and company financial performance. The usual justification for high executive pay is that higher pay is intended to be a reward for higher profits and above-average capital appreciation. Yet, this does not always follow – and shareholders foot the bill of excess pay. And, shareholders in firms that overpay their CEOs also may suffer lagging financial performance.
However, if we follow the assumption that pay should be determined by performance and then use a basic statistical technique to map actual performance outcomes to predicted levels of pay relative to those outcomes, we can then see how much the CEO pay package exceeded such a prediction. Those with the highest excess are ranked in the table below – and constitute this list of overpaid CEOs of the S&P 500.
Compensation: Total disclosed compensation collected from the SEC proxy disclosure (DEF 14A) from 2012 to 2022 on an annual rhythm. Collected by ESGAUGE for the 2022 and 2021 data and ISS prior to that.
Financial indicator: Total return (capital gains and dividends) on the company's primary equity. This is calculated from the Refinitiv Return Index on an annual rhythm using trailing periods behind June 30 of the year of the pay package. Performance factors were calculated across one-year, three-year, and five-year windows, trailing behind each possible pay year. Thus, data were considered as far back as 2008.
Calculation:
Each (company, year) value is paired with the different performances for that year, and then for each performance measure, the regression is calculated.
After verifying that the regressions for the time periods are comparable, a waterfall is implemented to use the financial indicator for each company with the longest time window (five-year over three-year over the one-year window) to calculate the expected compensation based on performance and the regressions.
All calculations are performed in Python 3 using JupyterLab.
After verifying that the regressions for the time periods are comparable, a waterfall is implemented to use the financial indicator for each company with the longest time window (five-year, then three-year, then one-year window) to calculate the expected compensation based on performance and the regressions.
| Rank | Company | CEO | Expected CEO Pay based on Performance | Actual CEO Pay | Amount of Overpay | Excess Pay |
|---|---|---|---|---|---|---|
| 1 | Alphabet Inc. | Sundar Pichai | 15,371,417 | 225,985,145 | 210,613,728 | 1470% |
| 2 | Live Nation Entertainment, Inc. | Michael Rapino | 15,240,564 | 139,005,565 | 123,765,001 | 912% |
| 3 | Oracle Corporation | Safra A. Catz | 15,691,782 | 138,192,032 | 122,500,250 | 881% |
| 4 | Netflix, Inc. | Reed Hastings & Ted Sarandos | 14,727,630 | 101,372,533 | 86,644,903 | 688% |
| 5 | Apple Inc. | Timothy D. Cook | 16,188,118 | 99,420,097 | 83,231,979 | 614% |
| 6 | American International Group, Inc. | Peter Zaffino | 14,794,664 | 75,314,199 | 60,519,535 | 509% |
| 7 | Lennar Corporation | Richard Beckwitt & Jonathan M. Jaffe | 15,537,118 | 60,480,031 | 44,942,913 | 389% |
| 8 | Broadcom Inc. | Hock E. Tan | 16,061,332 | 60,606,971 | 44,545,639 | 377% |
| 9 | Ingersoll Rand Inc. | Vicente Reynal | 15,425,720 | 54,505,957 | 39,080,237 | 353% |
| 10 | Microsoft Corporation | Satya Nadella | 15,964,271 | 54,946,310 | 38,982,039 | 344% |
| 11 | Salesforce, Inc. | Marc Benioff & Bret Taylor | 15,042,101 | 53,585,596 | 38,543,495 | 356% |
| 12 | Prologis, Inc. | Hamid Moghadam | 15,341,406 | 48,152,756 | 32,811,350 | 314% |
| 13 | American Express Company | Stephen J. Squeri | 15,236,288 | 48,029,631 | 32,793,343 | 315% |
| 14 | Fidelity National Information Services, Inc. | Gary A. Norcross | 14,150,933 | 45,321,374 | 31,170,441 | 320% |
| 15 | NVR, Inc. | Paul C. Saville | 15,380,523 | 42,887,000 | 27,506,477 | 279% |
| 16 | Warner Bros. Discovery, Inc. | David M. Zaslav | 13,939,698 | 39,288,458 | 25,348,760 | 282% |
| 17 | NextEra Energy, Inc. | James L. Robo | 15,283,659 | 40,406,018 | 25,122,359 | 264% |
| 18 | Charter Communications, Inc | Thomas M. Rutledge | 14,831,133 | 39,213,350 | 24,382,217 | 264% |
| 19 | Morgan Stanley | James P. Gorman | 15,314,303 | 39,398,905 | 24,084,602 | 257% |
| 20 | ServiceNow, Inc. | William R. McDermott | 15,857,058 | 38,502,528 | 22,645,470 | 243% |
| 21 | Equifax Inc. | Mark W. Begor | 15,277,886 | 37,255,853 | 21,977,967 | 244% |
| 22 | Simon Property Group, Inc. | David Simon | 14,501,345 | 35,667,783 | 21,166,438 | 246% |
| 23 | Exxon Mobil Corporation | Darren W. Woods | 15,014,240 | 35,909,231 | 20,894,991 | 239% |
| 24 | JPMorgan Chase & Co. | James Dimon | 15,054,710 | 34,848,606 | 19,793,896 | 231% |
| 25 | Accenture plc | Julie Sweet | 15,303,039 | 33,701,108 | 18,398,069 | 220% |
| 26 | Paramount Global | Robert M. Bakish | 13,755,233 | 32,046,006 | 18,290,773 | 233% |
| 27 | Pfizer Inc. | Albert Bourla | 14,858,853 | 33,017,453 | 18,158,600 | 222% |
| 28 | Western Digital Corporation | David V. Goeckeler | 14,069,213 | 32,137,338 | 18,068,125 | 228% |
| 29 | BlackRock, Inc. | Laurence D. Fink | 15,039,776 | 32,726,109 | 17,686,333 | 218% |
| 30 | Comcast Corporation | Brian L. Roberts | 14,947,292 | 32,069,850 | 17,122,558 | 215% |
| 31 | Goldman Sachs Group, Inc. | David M. Solomon | 15,077,787 | 31,609,420 | 16,531,633 | 210% |
| 32 | Caesars Entertainment, Inc. | Thomas R. Reeg | 14,869,894 | 31,349,920 | 16,480,026 | 211% |
| 33 | Adobe Inc. | Shantanu Narayen | 15,311,676 | 31,600,311 | 16,288,635 | 206% |
| 34 | Biogen, Inc | Christopher A. Viehbacher | 14,598,948 | 30,488,593 | 15,889,645 | 209% |
| 35 | Booking Holdings Inc. | Glenn D. Fogel | 14,891,205 | 30,774,922 | 15,883,717 | 207% |
| 36 | Linde plc | Stephen F. Angel | 15,570,122 | 31,426,032 | 15,855,910 | 202% |
| 37 | Cadence Design Systems, Inc. | Anirudh Devgan | 16,487,539 | 32,216,034 | 15,728,495 | 195% |
| 38 | Monster Beverage Corporation | Rodney C. Sacks & Hilton H. Schlosberg | 15,311,285 | 30,811,484 | 15,500,199 | 201% |
| 39 | Copart, Inc. | A. Jayson Adair & Jeffrey Liaw | 15,845,023 | 31,298,740 | 15,453,717 | 198% |
| 40 | Bank of America Corporation | Brian T. Moynihan | 14,749,276 | 30,177,503 | 15,428,227 | 205% |
| 41 | Marsh & McLennan Companies, Inc. | Daniel S. Glaser | 15,513,992 | 30,924,436 | 15,410,444 | 199% |
| 42 | Exelon Corporation | Christopher M. Crane | 15,062,710 | 30,084,980 | 15,022,270 | 200% |
| 43 | DXC Technology Company | Michael J. Salvino | 13,732,394 | 28,716,680 | 14,984,286 | 209% |
| 44 | IQVIA Holdings Inc. | Ari Bousbib | 15,437,005 | 30,135,029 | 14,698,024 | 195% |
| 45 | Cisco Systems, Inc. | Charles H. Robbins | 14,919,081 | 29,283,936 | 14,364,855 | 196% |
| 46 | General Motors Company | Mary T. Barra | 14,666,787 | 28,979,570 | 14,312,783 | 198% |
| 47 | D.R. Horton, Inc. | David V. Auld | 15,784,424 | 29,996,862 | 14,212,438 | 190% |
| 48 | Micron Technology, Inc. | Sanjay Mehrotra | 14,803,643 | 28,840,809 | 14,037,166 | 195% |
| 49 | NIKE, Inc. | John J. Donahoe II | 14,977,562 | 28,838,060 | 13,860,498 | 193% |
| 50 | T-Mobile US, Inc. | G. Michael Sievert | 15,474,069 | 29,060,047 | 13,585,978 | 188% |
| 51 | S&P Global, Inc. | Douglas L. Peterson | 15,327,609 | 28,637,507 | 13,309,898 | 187% |
| 52 | Advanced Micro Devices, Inc. | Lisa T. Su | 16,945,227 | 30,219,921 | 13,274,694 | 178% |
| 53 | PepsiCo, Inc. | Ramon L. Laguarta | 15,250,115 | 28,388,228 | 13,138,113 | 186% |
| 54 | Visa Inc. | Alfred F. Kelly Jr. | 15,221,573 | 28,103,602 | 12,882,029 | 185% |
| 55 | Nasdaq, Inc. | Adena T. Friedman | 15,169,090 | 28,045,305 | 12,876,215 | 185% |
| 56 | Capital One Financial Corporation | Richard D. Fairbank | 14,863,080 | 27,605,311 | 12,742,231 | 186% |
| 57 | Thermo Fisher Scientific Inc. | Marc N. Casper | 15,571,678 | 28,208,909 | 12,637,231 | 181% |
| 58 | Illumina, Inc. | Francis A. deSouza | 14,259,686 | 26,752,197 | 12,492,511 | 188% |
| 59 | Meta Platforms, Inc. | Mark Zuckerberg | 14,993,963 | 27,110,418 | 12,116,455 | 181% |
| 60 | Intuit Inc. | Sasan K. Goodarzi | 15,460,505 | 27,174,857 | 11,714,352 | 176% |
| 61 | AbbVie, Inc. | Richard A. Gonzalez | 15,150,360 | 26,287,185 | 11,136,825 | 174% |
| 62 | DuPont de Nemours, Inc. | Edward D. Breen | 14,474,208 | 25,584,297 | 11,110,089 | 177% |
| 63 | CBRE Group, Inc. | Robert E. Sulentic | 15,131,908 | 25,912,100 | 10,780,192 | 171% |
| 64 | Estee Lauder Companies Inc. | Fabrizio Freda | 14,973,201 | 25,480,056 | 10,506,855 | 170% |
| 65 | Honeywell International Inc. | Darius Adamczyk | 15,099,040 | 25,437,598 | 10,338,558 | 168% |
| 66 | Wells Fargo & Company | Charles W. Scharf | 14,502,428 | 24,642,526 | 10,140,098 | 170% |
| 67 | Chubb Ltd | Evan G. Greenberg | 15,100,256 | 25,152,070 | 10,051,814 | 167% |
| 68 | Walmart Inc. | C. Douglas McMillon | 15,288,415 | 25,306,714 | 10,018,299 | 166% |
| 69 | Walt Disney Company | Robert A. Chapek | 14,504,023 | 24,183,003 | 9,678,980 | 167% |
| 70 | Healthpeak Properties, Inc. | Thomas M. Herzog | 14,651,187 | 24,308,605 | 9,657,418 | 166% |
| 71 | Lockheed Martin Corporation | James D. Taiclet Jr | 15,156,362 | 24,810,545 | 9,654,183 | 164% |
| 72 | Charles Schwab Corporation | Walter W. Bettinger II | 14,774,696 | 24,386,329 | 9,611,633 | 165% |
| 73 | Archer-Daniels-Midland Company | Juan R. Luciano | 15,204,198 | 24,749,178 | 9,544,980 | 163% |
| 74 | Halliburton Company | Jeffrey A. Miller | 14,396,156 | 23,402,317 | 9,006,161 | 163% |
| 75 | Digital Realty Trust, Inc. | A. William Stein | 14,808,974 | 23,695,471 | 8,886,497 | 160% |
| 76 | The Southern Company | Thomas A. Fanning | 15,194,542 | 24,006,670 | 8,812,128 | 158% |
| 77 | Chevron Corporation | Michael K. Wirth | 14,976,607 | 23,573,925 | 8,597,318 | 157% |
| 78 | Hilton Worldwide Holdings Inc | Christopher J. Nassetta | 15,232,416 | 23,532,938 | 8,300,522 | 154% |
| 79 | AT&T Inc. | John T. Stankey | 14,647,021 | 22,915,526 | 8,268,505 | 156% |
| 80 | Match Group, Inc. | Bernard Kim | 15,666,217 | 23,921,211 | 8,254,994 | 153% |
| 81 | The Boeing Company | David L. Calhoun | 14,258,250 | 22,480,396 | 8,222,146 | 158% |
| 82 | CME Group Inc. | Terrence A. Duffy | 14,886,811 | 22,943,077 | 8,056,266 | 154% |
| 83 | Bath & Body Works Inc | Sarah E. Nash | 14,943,365 | 22,795,013 | 7,851,648 | 153% |
| 84 | Coca-Cola Company | James Quincey | 15,052,062 | 22,822,519 | 7,770,457 | 152% |
| 85 | Global Payments Inc. | Jeffrey S. Sloan | 14,533,682 | 22,270,578 | 7,736,896 | 153% |
| 86 | Citigroup Inc. | Jane Fraser | 14,453,409 | 22,064,065 | 7,610,656 | 153% |
| 87 | Raytheon Technologies Corporation | Gregory J. Hayes | 15,002,171 | 22,609,036 | 7,606,865 | 151% |
| 88 | PayPal Holdings, Inc. | Daniel H. Schulman | 14,414,681 | 21,957,922 | 7,543,241 | 152% |
| 89 | Nucor Corporation | Leon J. Topalian | 15,665,971 | 23,073,171 | 7,407,200 | 147% |
| 90 | Ameriprise Financial, Inc. | James M. Cracchiolo | 15,565,714 | 22,847,623 | 7,281,909 | 147% |
| 91 | Norwegian Cruise Line Holdings Ltd. | Frank J. Del Rio | 13,947,938 | 21,209,333 | 7,261,395 | 152% |
| 92 | Equinix, Inc. | Charles Meyers | 15,283,431 | 22,282,928 | 6,999,497 | 146% |
| 93 | Illinois Tool Works Inc. | E. Scott Santi | 15,293,299 | 22,234,230 | 6,940,931 | 145% |
| 94 | Gilead Sciences, Inc. | Daniel P. O’Day | 14,852,379 | 21,621,253 | 6,768,874 | 146% |
| 95 | Roper Technologies, Inc. | L. Neil Hunn | 15,186,533 | 21,893,365 | 6,706,832 | 144% |
| 96 | Analog Devices, Inc. | Vincent Roche | 15,395,518 | 22,098,295 | 6,702,777 | 144% |
| 97 | General Dynamics Corporation | Phebe N. Novakovic | 14,847,630 | 21,478,167 | 6,630,537 | 145% |
| 98 | ANSYS, Inc. | Ajei S. Gopal | 15,251,939 | 21,872,498 | 6,620,559 | 143% |
| 99 | Fox Corporation | Lachlan K. Murdoch | 15,219,504 | 21,748,681 | 6,529,177 | 143% |
| 100 | CVS Health Corporation | Karen S. Lynch | 14,817,944 | 21,317,055 | 6,499,111 | 144% |
LEGAL DISCLAIMER
The information provided in this report is provided “AS IS” without warranty of any kind. As You Sow makes no representations and provides no warranties regarding any information or opinions provided herein, including, but not limited to, the advisability of investing in any particular company or investment fund or other vehicle. While we have obtained information believed to be objectively reliable, neither As You Sow nor any of its employees, officers, directors, trustees, or agents, shall be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any information contained herein, including, but not limited to, lost profits or punitive or consequential damages. Past performance is not indicative of future returns.
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Acknowledgements
This report was made possible by the support of the Stephen M. Silberstein Foundation. Additional support was provided by the Argosy Foundation, Arntz Family Foundation, Firedoll Foundation, Fred Gellert Family Foundation, Hanley Foundation, Laird Norton Family Foundation, Manaaki Foundation, Roddenberry Family Foundation, and Singing Field Foundation.
Special thanks to: data mining and analytics firm ESGAUGE, the database of Insightia, a Diligent Brand, and The Human Impact + Profit (HIP) Investor team.